How to record and ensure you treat siblings evenly.

By: Karl O'Meara Published at: 30/01/2021 17:15:04

Having two or more kids is a great joy, for parent, for child and for others like grandparents.  The parents and grandparents get to share their love with more progeny, the kids get constant playmates to grow up and older with.  It is the natural order besides - having less kids is a product of our modern age.
One downside from having more children however is the cost.  Some estimates put the cost of rearing a child at around a quarter of million dollars in the US, and it is a similar price in Western Europe.  This is because of modern lifestyles that include comfortable homes, good quality food, good education, travel and lots of gadgets and accessories.
Equality is an important right in modern societies.  For women, for ethic groups and for many other subsets of people in society.  It is a freedom that has been long fought for, and is being achieved in many sectors and countries around the world.  It is a fundamental right that is worth achieving: Because a society with a mindset that considers this as important will be stronger, more effective, richer and happier than one that allows its members to prejudiced against anyone on arbitrary factors.
Understanding what equality is and practicing it is a wish for many families and it begins at birth.  Many families wish to try to treat their children absolutely evenly - no favourites based on birth order or gender or anything else.
Giving an allowance (commonly called pocket money in Europe) is a regular payment to a child.  This money is useful for the child as they develop an understand of the way money works:  It is often tied to doing chores and/or certain periodicity, in the same way that salary and wages will work in their future lives.  They can save up or splurge their cash just like they will be able to do in their futures.
There is a kid's bank that allows the creation of free accounts that can be use by parents and kids to track these weekly or monthly payments.  It was designed by Henry, one of the kids who is in receipt of pocket money through the system.
There is another possible use case for this bank:  And that is a tracking record for parents, grandparents or others that have an interest - e.g. uncles, aunties, god-parents or others - and that is ensuring that all children in your care or your concern are treated evenly in terms of financial rewards.
By creating kids accounts for say your two kids, even if they are different ages, all payments and gifts, and any other 'benefits' can be recorded.  It is not necessary to add logins for the kids, so in essence it becomes merely a record for the account holder.
As time goes by you can record the child, the gift or purchase and the date.   There is a statement function available where you can see what has been purchased for them.   This way you can ensure that both children have been treated evenly e.g.  same value gift when they each attained the same age - even if these are years apart.

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